Macroeconomic Forecast El Salvador

April 2008 | Macroeconomic Forecasts

BMI View: Remittance flows, primarily from El Salvadorans working in the US, totalled a record US$3.7bn in 2007, helping to offset a widening trade account deficit (at US$4.7bn, down from a shortfall of US$3.7bn in the previous year). We expect remittance growth to remain flat this year, or even drop into negative territory, as a US recession in the first half of 2008 reduces the amount of money sent home from north of the border.

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